While the economy has definitely improved over the last few years, some families will continue to feel the effects of the recession for years to come. If your family needs to cut spending or adhere to a strict budget this year, there are simple things you can do to meet goals, without sacrificing everything you enjoy.
There are a few specific areas you should focus on this year. If you do nothing else, commit to saving money in the following areas and you’ll find your bank account a little healthier in the long run.
Child Care
The problem facing many families is the lack of opportunity for one parent to stay home with the children. Instead, both parents need to work and bring in a salary. While two incomes are great, this usually means parents have to shell out money for child education services.
Saving money on child care is huge and can have significant financial rewards. When looking for preschool options, remember that you are free to shop around. Rates can vary drastically, and it’s important to compare prices. Ask about sibling discounts, sick-day policies, holiday protocols, and scheduling details to find out how you can maximize your time and money. If possible, ask your employer if you can work from home one day per week. This can translate to huge savings on child care over the course of an entire year.
Family Vacations
As a family, you can’t always put money above everything else. When it comes down to it, money is meant to be spent and memories are worth their weight in gold. Your family should enjoy the luxury of a couple vacations each year, but you can save money at the same time.
When driving across the country, have your car looked at by a trusted mechanic ahead of time. By avoiding car trouble on the road, you can eliminate unnecessary costs and other related issues. Additionally, approach gas stops strategically and fill up with a gas card that gives you cash back incentives.
Even more expensive than gas are hotel stays. A few nights at an average hotel can easily cost you a thousand dollars, or more, when traveling with family. While you don’t have to cram three people to a bed, you can use pullout sofas and rollaway beds to avoid paying for multiple rooms.
Grocery Shopping
For most families, food is one of the largest monthly budget expenses. While eating at home and cooking your own meals can help you save hundreds of dollars each month, you can’t go to the supermarket without a plan. When it comes to grocery shopping, remember these three rules: (1) always have a list, (2) take advantage of coupons, and (3) never shop hungry.
By attending to these three areas, you can drastically improve your spending habits throughout the year. Simple changes can yield thousands of dollars in savings, and will allow you to sleep a little easier at night.
